Pension Lifetime Allowance

Changes to pension rules in recent years mean now could be a good time to revisit your retirement saving plan. One important change which has been overlooked by many savers is the reduction of the pension lifetime allowance from £1.25 million to £1 million and its subsequent increase to £1.03 million. This means you may need to review your pensions if you are concerned about a potential tax charge.

In this guide:

How much you can save in your pension before a tax charge

The different ways to protect your lifetime allowance

How much tax you have to pay on the excess

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Past performance or any yields quoted should not be considered reliable indicators of future returns. Restricted advice can be provided as part of other services offered by Tilney Group, upon request and on a fee basis. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change. Please note we do not provide tax advice.